Tuesday, 23 October, 2018

SEC Delays VanEck-SolidX Bitcoin ETF Decision to September

Securities Exchange Commission Review Bitcoin Broker Behavior SEC Delays VanEck-SolidX Bitcoin ETF Decision to September
Russell Knight | 10 August, 2018, 23:48

Cryptocurrency values were falling on Wednesday after a decision delay by the US Security and Exchange Commission (SEC) kicked sentiment in the bits.

It related to an application for a bitcoin exchange-traded fund (ETF) - a financial product that tracks the price of an asset - backed by blockchain startup SolidX and investment firm VanEck, in what would be the first exchange-traded product of its kind in the States.

According to the official document, the SEC has until September 30 to "approve or disapprove, or institute proceedings to determine whether to disapprove" the proposed rule change.

Despite the fact that the SEC's decision was exclusively for Bitcoin's ETFs, it is the smaller-cap altcoins that have been hardest hit, reporting losses much worse than the world's number one cryptocurrency. Last month, the SEC denied the Winklevoss twins' latest bid to create such a financial instrument, and the agency has delayed ruling on almost a dozen other bitcoin funds.

Issues identified in [the SEC's previous] disapproval order have been resolved.

"I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores". Additionally, the top 20 cryptocurrencies by market cap have shown massive losses in the last day and a half, losing more than 14% of their value in that time. The first two have a combined daily trading volume of "approximately $150 - $200 million", the presentation details, reiterating that they are all regulated by the U.S. Commodity Futures Trading Commission (CFTC).

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The investment firm Canaccord stated in a recent report that it is very unlikely that a Bitcoin ETF will be approved in the U.S. later this year.

Secondly, the product pricing has changed as the proposed trust will use OTC index for pricing and NAV. "A properly constructed physically-backed bitcoin ETF will be created to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin".

Optimism for ETFs have been gathering steam and has helped to fuel a bit of a recovery in Bitcoin over the past month so any sort of delays or stumbling blocks will have some form of negative impact on prices.

"It will take a long time before we see SEC approve ETFs". Let us know in the comments section below.

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